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From 465 to at least the Noblesville area anyway. 465 on the west side is being upgraded from 6 to 10/12 lanes and the interchanges are all being rebuilt. 71st and 86th streets were finished in the last couple of years and 38th has recently re-opened.
The construction in progress is a pain but I must say that the newly rebuilt stretches of road handle heavy traffic very well. 465 is really the only continuous north/south road on the west side and the 6 lane sections date to the early 70's so it was due for a rebuild.
Traffic in Indy is overall, pretty tame. The city bus system gets a bad rap from many but from where we live I can be downtown in a half-hour for a buck and a half. I don't do this daily but if I meet friends for food, drinks, baseball, or all three, I can avoid parking costs and drink without having to drive.
The Michigan road corridor can get fairly congested and there are a lot of vacant businesses south of 86th. Unfortunately that is also true for west 38th street and many other neighborhoods within the 465 loop. Everything new seems to be built outside of 465 with the exception of Trader's Point, a new shopping center just inside the loop at 86th. If I were looking for a home in north/west Indy I would consider west of 465 and in the 56th to 86th street areas. There is a large park, golf course and reservoir at Eagle Creek and some very nice houses with large wooded lots.
Good luck with whatever you decide. We're overdue for a local DU meet-up so let us know if you'll be in town.
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